January 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Friday, January 13th, 2017 at 9:17am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 3,910 homes at December month end, 2,359 homes came onto the market, 2,757 homes went under contract, and 4,157 homes closed at a median sold price of $349,500 and an average sold price of $394,803 resulting in a closed dollar volume of $1.6 Billion. 

Monthly Market Recap: 

Single Family:                                                           Condo:          

Active Inventory is 2,919                                         Active Inventory is 991         

Sold Homes is 2,936                                                  Sold Homes is 1,221              

Average Price is $431,969                                        Average Price is $305,431

Median Price is $375,000                                         Median Price is $255,000

Average Days on Market is 47                                 Average Days on Market is 38                       

 

Year To Date Market Recap:

Single Family:                                                           Condo:          

Sold Homes is 38,077                                                Sold Homes is 15,310

Average Sold Price is $440,941                               Average Sold Price is $288,140           

Median Sold Price is $380,000                                 Median Sold Price is $240,000

Average Days on Market is 34                                 Average Days on Market is 31

Source:  REcolorado.com – January 6, 2017

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Market Facts:

2016 was another record setting year with 53,387 homes sold and a closed dollar volume of $21.2 Billion.  Happy New Year and whether you are a Seller or a Buyer, be prepared as Metro Denver continues to be one of the top destination cities in the United States.  In closing the year and looking forward into 2017, the top concerns are tight inventory, home affordability, appraisal issues, and increasing interest rates .  Now is the time to reach out to a REALTOR®. 

 Advice to Sellers:

Happy New Year - 2017 is here and as a Seller, what can you expect from the Denver home market?  Overall the Denver home market will continue to move forward; but at a slower pace than 2016.  Buyer demand will continue to be strong as Denver continues to be a destination city.  Price appreciation is not expected to be as great as in 2016.  New household formations will continue to increase and multi generations will look to buy.  Denver will see more Buyers from all over the world.  Denver will continue to be in the top 10 home markets in 2017.  Consumers will continue to focus on home ownership.  New home builders will focus on increasing the availability of their new home models and try to reduce the time needed to build a new home.

Buyers today continue to be savvy and more educated when it comes to home markets.  Sellers need to know where they want to live.  Home closing time frames are now increasing by at least a week.  As a Seller, do not forget the home selling basics, make your plan and stick to it.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, introduction to a net sheet to understand the bottom line, and a conversation on how the market functions.  As such, the homeowner looking to sell a home needs a professional who is a local expert, is hyper local market knowledgeable, and can assist in the Professional plan to sell one’s home.  Now is the time to reach out to a Professional. 

Advice to Buyers: 

Happy New Year - 2017 is here and as a Buyer, what can you expect from the Denver home market?  2017 will bring increased home mortgage interest rates, continuous changes to the closing process, home price appreciation, strong Buyer demand as Denver continues to be a destination city, an increase in household formations, more and more Buyer competition will come from all over the world, and market conditions that may challenge all.  The definition of what makes a home is dramatically evolving from tiny home to multi generational.  Create your home buying plan and stick to it.

Know what you want in a home, where you want to live, and what price range you can afford.  Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared, manage your expectations, and be open to looking at the entire Denver market.  Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

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